AlTi Global, Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
ALTI$2.47+5.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 3.
| For the Year Ended | |||
|---|---|---|---|
| (Dollars in Thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Cash Flows from Operating Activities | |||
| Net income (loss) | $(155,070) | $(174,305) | $(311,215) |
| Net income (loss) from discontinued operations, net of tax | (31,353) | (72,057) | (269,546) |
| Net income (loss) from continuing operations | (123,717) | (102,248) | (41,669) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities from continuing operations: | |||
| Depreciation and amortization | 18,446 | 14,427 | 10,397 |
| Amortization of debt discounts and deferred financing costs | — | 6,184 | 927 |
| Unrealized (gain) loss on investments | 5,162 | 13,057 | (4,161) |
| Realized (gain) loss on investments | (20) | (11,128) | — |
| Impairment loss on goodwill and intangible assets | 35,000 | 74,267 | — |
| Fair value (gain) loss on TRA | (5,372) | (3,855) | 233 |
| Realized gain (loss) on earn-out payment | (2,350) | — | — |
| (Income) loss on equity method investments | 4 | 198 | 228 |
| Fair value (gain) loss on warrant liability | — | — | 12,866 |
| Fair value (gain) loss on earnout liability | (3,280) | (30,727) | (31,104) |
| Fair value gain (loss) on preferred stock tranche liability | (1,530) | (600) | — |
| Deferred income tax (benefit) expense | 16,698 | (22,951) | (2,224) |
| Equity-settled share-based payments | 30,327 | 17,469 | 19,210 |
| Unrealized foreign currency (gains)/losses | — | 14 | 587 |
| (Gain) loss from retirement of debt | — | — | (73) |
| Forgiveness of debt of notes receivable from members | 223 | 212 | 261 |
| Fair value of interest rate swap | — | — | 33 |
| Cash flows due to changes in operating assets and liabilities | |||
| (Increase) decrease in fees receivable | (32,183) | 38,845 | (34,071) |
| (Increase) decrease in other assets | (5,890) | (10,535) | (147,384) |
| Operating cash flow from operating leases | 2,381 | 6,502 | 7,209 |
| Increase (decrease) in accounts payable and accrued expenses | (635) | (5,695) | 7,125 |
| Increase (decrease) in accrued compensation and profit sharing | 21,013 | (15,753) | 40,278 |
| Increase (decrease) in other liabilities | (5,714) | 16,344 | 13,761 |
| Other operating activities | — | (215) | 871 |
| Net cash provided by (used in) operating activities from continuing operations | (51,437) | (16,188) | (146,700) |
| Cash Flows from Investing Activities | |||
| Cash payment for acquisition of TWMH and TIG historical equity | — | — | (99,999) |
| Receipt of payments of notes receivable from members | — | 66 | 226 |
| Purchases of investments | (10,447) | (20,380) | (15,695) |
| Cash payment for delayed share purchase agreement | — | (1,818) | — |
| Payment of payout right | — | — | (760) |
| Acquisition of AWMS, net of cash acquired | — | — | (4,383) |
| Acquisition of ALWP, net of cash acquired | — | — | (14,430) |
| Acquisition of Kontora, net of cash acquired | (6,556) | — | — |
| Acquisition of EEA, net of cash acquired | — | (69,182) | — |
| Acquisition of PW, net of cash acquired | — | (1,467) | — |
| Acquisition of Envoi | — | (25,258) | — |
| Sales of investments | 188 | 798 | 1,725 |
| Proceeds from sale of FOS | — | 16,683 | — |
| Proceeds from Pointwise warehousing transaction | 31,313 | — | — |
| Loss on disposal of intangible assets | (9) | — | — |
| Sale of fixed assets | — | 144 | 8 |
| Purchases of fixed assets | (806) | (7,560) | (334) |
| Net cash provided by (used in) investing activities from continuing operations | 13,683 | (107,974) | (133,642) |
| (Continued on the following page) | |||
| (Continued from the previous page) | For the Year Ended | ||
|---|---|---|---|
| (Dollars in Thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| Cash Flows from Financing Activities | |||
| Proceeds from issuance of preferred stock and Constellation Warrants | 18,471 | 300,800 | — |
| Proceeds from issuance of common stock | — | 94,660 | — |
| Proceeds from issuance of preferred stock tranche right liability | — | 4,540 | — |
| Member contribution (distribution) | — | (6,760) | (8,492) |
| Payments on term notes and lines of credit | (289) | (221,008) | (97,810) |
| Borrowings on term notes and lines of credit | 415 | 32,258 | 223,500 |
| Cash payment for earnout | (6,280) | (8,449) | — |
| Payments of debt issuance costs | — | (1,519) | (2,586) |
| Taxes paid on net settled share-based compensation awards | — | (4,037) | — |
| Tax payments on behalf of Umbrella partners | — | (424) | — |
| Increase (decrease) in distributions due to former TIG members | — | — | (14,199) |
| Repurchase of common stock | — | — | (4,215) |
| Cash receipts from exercise of Warrants | — | — | 5,836 |
| Payment of preferred stock and Constellation Warrants issuance costs | — | (10,544) | — |
| Payment of common stock issuance costs | — | (4,236) | — |
| Payment of preferred stock tranche right liability issuance costs | — | (203) | — |
| Cash payment of earn-in liability | (315) | (754) | — |
| Dividends paid to former owners of AWMS and ALWP | — | (11) | (3,372) |
| Net cash provided by (used in) financing activities from continuing operations | 12,002 | 174,313 | 98,662 |
| Cash Flows from Discontinued Operations: | |||
| Net cash provided by (used in) operating activities from discontinued operations | 426 | (34,464) | 64,995 |
| Net cash provided by (used in) investing activities from discontinued operations | (1,589) | 32,289 | 694 |
| Net cash provided by (used in) financing activities from discontinued operations | — | (54) | (62,643) |
| Net cash provided by discontinued operations | (1,163) | (2,229) | 3,046 |
| Net increase (decrease) in cash and cash equivalents, including discontinued operations | (26,915) | 47,922 | (178,634) |
| Effect of exchange rate changes on cash and cash equivalents, including discontinued operations | 2,579 | (673) | 2,793 |
| Cash and cash equivalents, including discontinued operations, at beginning of the period | 65,494 | 18,245 | 194,086 |
| Cash and cash equivalents, including discontinued operations, at end of the period | 41,158 | 65,494 | 18,245 |
| Less: Cash and cash equivalents of discontinued operations, at end of the period | — | 1,077 | 1,731 |
| Cash and cash equivalents | $41,158 | $64,417 | $16,514 |
| Reconciliation of balance sheet cash and cash equivalents to cash flows: | |||||
|---|---|---|---|---|---|
| Cash and cash equivalents on balance sheet | $41,158 | $64,417 | $15,348 | ||
| Cash and cash equivalents included in Assets held for sale | — | — | 2,897 | ||
| Cash and cash equivalents, including cash in Assets held for sale | $41,158 | $64,417 | $18,245 | ||
| Supplemental Disclosure of Cash Flow Information | |||||
| Cash Paid During the Period for: | |||||
| Income taxes | $2,324 | $1,474 | $848 | ||
| Interest payments on term notes and lines of credit | $37 | $16,712 | $14,079 | ||
| Supplemental disclosure of noncash financing activities: | |||||
| Non-cash portion of earn-in liability | $497 | $— | $— | ||
| Non-cash portion of earn-out | $1,880 | $— | $— | $— | |
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